Reading International recently put a new price tag of $50 million on its train trestle overlooking Center City, an essential component in the city’s Rail Park extension, writes Gabriel Donahue for WHYY.

The new price comes after 25 years of negotiations and is unlikely to move the process forward, as the city is not interested in paying that much for land that would be turned into a public park, according to Paul Levy, former CEO of the Center City District.

That value is the same as the cost of demolishing the viaduct, as estimated in a 2010 study by CCD, the commerce department, and Friends of the Rail Park nonprofit.

In an annual report in December, where it set the new price, Reading International told its investors that it aims to “realize the value” of its Philadelphia properties, including the 0.7-mile Reading Viaduct and the 6.5 acres of land north of Center City.

Meanwhile, ordinance passed by City Council the same month, provides the public property commissioner with the right to condemn the property and take ownership.

However, Councilmember Mark Squilla said the action is an “alternative to a non-agreement,” and that civil negotiations are the preferred option.

Read more about the Rail Park extension’s new price tag in WHYY.

_____